Continuing on the idea posted previously (link attached), Nifty has almost reached its first target of 11,390, which is an important support level. Now there are 2 possibilities:
1. It reverses and goes up (as shown by the orange arrow).
2. It gaps down and then fall all the way to the 100-161% Fib extension (11,192-10,783).
I feel the 2nd possibility is more likely than the first and a gap down (or a sharp move below 11,390) would confirm it.
1. It reverses and goes up (as shown by the orange arrow).
2. It gaps down and then fall all the way to the 100-161% Fib extension (11,192-10,783).
I feel the 2nd possibility is more likely than the first and a gap down (or a sharp move below 11,390) would confirm it.
